By Esther Olaoluwa |
FirstBank has awarded ₦10 million in grants to outstanding women entrepreneurs under the maiden edition of its Spark A Gem Challenge, as part of efforts to strengthen women-owned businesses and promote inclusive economic growth in Nigeria.
The initiative, introduced under the bank’s Women-Preneur Pitch-a-Ton programme, is designed to support women entrepreneurs through funding, business training, mentorship and strategic networking opportunities.
356 Women Entrepreneurs Enter Competition
The competition attracted 356 entries from women entrepreneurs across the country, with businesses spanning agriculture, healthcare, education, food processing and hospitality.
Following a competitive screening process, eight entrepreneurs progressed to the final stage, where they participated in a four-day entrepreneurial development programme before pitching their businesses to a panel of independent judges.
At the end of the challenge, Onyinye Obayi, Managing Director of Honeypot Confections Ltd, emerged as the winner and received the top prize of ₦5 million.
The second and third-place contestants received ₦3 million and ₦2 million respectively, bringing the total grants awarded to ₦10 million.
FirstBank Expands Support Beyond Winners
FirstBank said the impact of the initiative would extend beyond the three top winners, noting that all applicants would become part of its FirstGem ecosystem.
According to the bank, participants will have opportunities to access future financing, business advisory services, financial education and other support aimed at strengthening women-owned businesses.
Explaining the rationale behind the initiative, the Group Executive, e-Business and Retail Products at FirstBank, Chuma Ezirim, said supporting women entrepreneurs remains central to the bank’s strategy for promoting inclusive economic development.
“When women thrive, economies thrive. At FirstBank, we recognise that women entrepreneurs play a critical role in driving economic growth, job creation, and community development,” Ezirim said.
He explained that the Spark A Gem Challenge was designed to identify promising women-led businesses, strengthen their financial and business capabilities and connect viable enterprises to sustainable banking relationships.
Bank Highlights Importance of Business Support
Ezirim stressed that access to funding alone was insufficient to guarantee the long-term success of businesses, noting that women entrepreneurs also require knowledge, mentorship, networks and access to the right business ecosystem.
“We have seen that access to finance alone is not enough. Women entrepreneurs perform better when capital is paired with the right capabilities, networks, and support,” he said.
According to the bank, the challenge was developed from the recognition that women-owned businesses achieve stronger outcomes when access to credit is combined with financial literacy, management skills and business support networks.
FirstBank said the Spark A Gem Challenge therefore serves as a structured business acceleration programme aimed at improving the managerial capacity, investment readiness and growth prospects of participating entrepreneurs.
Initiative Targets Financial Inclusion
The bank said the programme reflects its broader commitment to expanding financial inclusion and creating opportunities for women to establish resilient businesses capable of contributing to economic growth, employment generation and innovation.
FirstBank reaffirmed its commitment to investing in initiatives that support women entrepreneurs, describing women-owned businesses as an important driver of sustainable economic development in Nigeria.
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